Upside Down Mortgage

Posts Tagged ‘Feldman’

Loan Modification Problems

Question: How do you qualify for a loan modification?

I’m trying to apply for a Loan Modification and I asked my lender that question and they wouldn’t tell me. I don’t want to waste my time preparing for it when I won’t be able to lower my interest rate = overall monthly payment.

I’m current on ALL of my bills and have a median credit score of 704. Every month, after all the bills I still have a little more than $800 left to spend. The only problem is, I’ve been with holding my tax and spent it on paying bills and other stuff that I won’t have enough to pay the IRS in April of 2010 for the tax year of 2009. So that’s my worry and that’s why i want to lower my monthly payment so that I can save up enough to pay the IRS.

Please advise. Thanks!

Answer: Paying your income taxes is NOT grounds for a mortgage loan modification. You need to better manage the "other stuff" you're spending on.

Common Loan Modification Problems

Loan Modification Market

Question: I’m working with countrywide to get a loan modification?

I’ve got them to agree to a modification. However, the principal balance is way too high still. Has anyone had any experience with lowering their principal balance it today’s housing market?
Jessus, I’m not soliciting for a loan for god sake! I’m only asking for adive. You slime ball loan guys don’t bother answering my question!
maybe I should be more clear I DONT NEED A LOAN!!! I have one! What I’m doing is working with my current mortgage company to modify my current loan. My question is… if anybody received a modification, have they ever gotten the mortgage company to approve lowering the balance of the original loan as well?

Answer: Yes. THey are severely understaffed in the modification department. They don't want to hire a bunch of people then lay them off in 8 months when the crisis passes. Most Countrywide mods are to give you a breathing space but not to lower the loan amount which is what you really need. Consider signing a deed to them before you get behind on payments..

Loan Modification Expert Moose Scheib on Fox News with Neil Cavuto

Loan Modification Help Center

Question: Do you know anything about Feldman Law Center?

Do you know anything about Feldman Law Center?
People have been complaining about paying for services at Feldman Law Center, but the services and promises were never delivered.

What do you know about this loan modification company? What do you know about the attorney who owns this center, Steven Craig Feldman? Have you had any experience with this company?
If you have had experince with Feldman Law Center, on a scale of one to ten, one being the worst, how would you rate the service?

Answer: run like the wind

Feldman Law Center- Loan Modification Help

Loan Modification Frequently Asked Questions

A fund of $75 billion has been established to assist American homeowners struggling to make their monthly mortgage payments under the Homeowner Affordability and Stability Plan created by President Obama. Qualified buyers must meet certain eligibility requirements in order to take advantage of loan modification options. Below are answers to the ten most frequently asked questions.

1. Does my mortgage have to be delinquent in order for me to qualify? No. You can apply proactively if you sense that you will soon be unable to meet your financial obligations and you can show that an extenuating circumstance has caused hardship. Extenuating circumstances might include job loss, interest rate increase, medical bills, or illness.

2. I’m already facing foreclosure, can I qualify? Loan modifications are intended to provide assistance to homeowners unable to make their monthly mortgage payments by lowering the monthly payment. This solution is a win-win for both homeowner and lender and a favored option over foreclosure.

3. What are the qualifications for the Homeowner Affordability and Stability Plan? The loan must be a first mortgage on the homeowner’s primary residence, the loan must be insured by Fannie Mae or Freddie Mac and the current monthly mortgage payment must exceed 31% of your gross monthly income.

4. Is there a charge for the loan modification plan cost? No, there is no fee or charge for the program, it is free.

5. Does my modification application have to be with my current lender? No, there are a number of mortgage lenders voluntarily participating in the loan modification program with whom you may apply.

6. What if I’ve already applied for loan modification with my local bank? If your application is already pending, ask your lender about considering it under the guidelines of the Homeowner Affordability and Stability Plan.

7. What if my house is worth less than I owe on it? At your bank’s discretion, the program has provisions for principal balance reduction.

8. How do I know if Fannie Mae or Freddie Mac is on my loan? You bank can tell you.

9. What information does my bank need? They need a hardship letter and a financial statement.

10. How do I apply for loan modification? Contact your local bank.

Federal guidelines must be met in order to get bank approval for loan modification. Take a moment to find out which of your local banks are participating in the program and apply now.
About the Author:

For additional information and useful resources for home loan modifications, visit the #1 loans modification spot on the net: http://HomeLoanModifications101.com

Source – FAQ’s About Obama’s Affordability and Stability Loan Modification Program

Loan Modification Commonly Asked Questions With Straight Answers

Loan Modification Group Complaints

The rate of national foreclosures hit a record high just this last 3rd quarter of 2009. This according to Realtytrac, a real estate data and statistical company that focuses their efforts on the foreclosure industry. That means that as of October of 2009,one in every 136 U.S. homes were in foreclosure in the third quarter alone.

Despite government-led and lender-supported attempts to prevent foreclosures homeowners continue to find themselves asking, “How did this happen, and what can I do to stop the bleeding.”

One option that promises to stop foreclosure and allow homeowners to lower their monthly mortgage payments is a loan modification. This process, although restructuring loans has been around for decades, has proved to be popular more recently due to the sup-prime mortgage mess.

Let’s talk a second about what a homeowner can expect should they choose to attempt a loan modification, either through their lender or an outside third party such as an attorney or a for-profit private firm.

First of all lets keep in mind that the lender has its best interest at heart at all times during the process and that homeowners who receive an approved loan modification may not have necessarily received the most favorable terms and conditions.

Now as the homeowner contacts their lender, whomever that may be, they quickly realize they are biting off more than they can chew. Between long hold times and department transfer after department transfer, they find it ever so increasingly difficult to get consistent and helpful information from the vary party they should be speaking to, their lender. That is if they can get to the right person. Another hurdle the homeowner must face is not just understanding mortgage terminology, but how to precisely justify what new payment will allow them to meet their new mortgage obligations and how all the number fit together.

Lenders are very specific about what documentation is needed and if homeowners fail to send everything in that is needed, their file goes to the back of the line. Or worst yet
they deny the modification all together because the homeowner unintentionally revealed something that may not have even been accurate.

One way to avoid all of these loan modification traps is to hire a private firm such as the Mortgage Assistance Group located in Glendale, AZ. They have successfully modified loans for over 500 families and have maintained an “A” rating with the Better Business Bureau. They have done this by under promising and over delivering on each and ever file with no document complaints.

They have recently launched a discount for homeowners who have been scammed out of money by another loan modification company. Finally, the company has affordable and flexible payment plans that should fit the financial profile of any homeowner who needs their professional help.

About the Author:

Author Randy D.

Mortgage Assistance Group
623-486-4505
www.mag-az.com

Source – I Missed A Mortgage Payment, What Can I Really Expect From My Loan Modification?

Feldman Law Center Complaints ?